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Morgan Stanley is jumping on the infrastructure fund bandwagon with the closing of a new $4 billion vehicle that will target ports, roads, parking lots and the like.
The New York bank will unveil the private equity fund dedicated to
global infrastructure projects Monday, after it blew away its initial
target of $2.5 billion. The new fund already has taken stakes in
projects such as the Venice airport in Italy and the Port of Montreal
in Canada. Morgan Stanley put roughly $400 million of its own capital
into the vehicle, which will target energy, utilities and transport
investments all over the world.
Infrastructure funds have been a hot ticket for financial firms as of late. 3i Group plc's $1.2 billion 3i India Infrastructure Fund and $950.4 million limited partnership for Credit Agricole Private Equity closed vehicles in April. Also out raising capital for infrastructure funds are Goldman, Sachs & Co., which is raising a $7.5 billion infrastructure fund, Citigroup Inc., which is marketing a $5 billion infrastructure fund, and Macquarie Capital Group Ltd. and State Bank of India, which recently unveiled plans to co-raise a $2 billion infrastructure fund. A panel of private equity veterans will discuss the opportunities, such infrastructure projects, that are available in a sluggish economy at The Deal's Fifth Annual Private Capital Symposium on Wednesday. Panelists including Peter Berger, a managing director at SAC Private Capital; Stephen M. Besen, a partner at Shearman & Sterling; Jonathan Lynch, a managing director at CCMP Capital; and Timothy O'Hara, head of global credit business at Credit Suisse Group will take up topics such as the kinds of investments sponsors are making, which industries seem the most attractive and what deal structures are coming to the fore. - George White Update May 15: Goldman Sachs has not closed its fund; the vehicle is still being raised. See story on TheDeal.com See Dealscape post on April's infrastructure fund closings See more on the Private Capital Symposium Categories Deal Video
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